Here's my input, from the ENT perspective:
Laryngospasm is an odd and poorly understood phenomenon. As you all know, the main function of the larynx is not speech, but to keep us from drowning in our own saliva and whatever we eat. In human beings (and in other land mammals), the air and food passages cross, so we need a fancy system of reflexes to close the airway during swallowing. Dolphins have a "better" system, in that they just have the airway routed completely away from the food pathway (although that does require a pretty reliable sphincter at the blowhole to keep the ocean out of their lungs).
In some cases (lightly anesthetized patients, some newborn infants, etc..) this reflex closing of the vocal cords gets switched on full blast, and doesn't let up as it is supposed to. In the OP's question, the normal reaction (laryngeal adduction, or closing of the vocal cords) happens in response to a stimulation (a little bit of the Caribbean sea hitting the larynx). Laryngospasm is what happens when this normal response doesn't stop... if there is no air (i.e. regulator lost or rejected), it is sort of a moot point whether the vocal cords are closed or open, but assume that there is persistent laryngospasm which would cause hypoxia even if the regulator was replaced.
Laryngospasm will continue until one of three things happens:
1) it is "broken" by paralyzing drugs or positive pressure mask ventilation - in the case of anesthesia
2) it stops on its own, as the higher brain functions gain control over the more primitive laryngeal reflexes
3) the patient becomes unconscious from lack of oxygen, and eventually muscle function relaxes (on the way to death).
It is not clear why otherwise normal patients can sometimes develop laryngospasm - there may be an emotional component, allergies, reflux, etc... But I HAVE seen a patient who underwent an emergency tracheotomy for this..!
And finally, getting back to the OP question - barotrauma. The question is which is stronger: the force of expanding air in the chest pushing its way out of the lungs through the larynx in spasm, or the muscles of the larynx holding it in.
Since we are all taught not to hold our breath on ascent in our open water classes, that implies that it IS possible to hold in enough pressure to cause barotrauma. I don't see why the force of laryngospasm in an unconscious patient would be theoretically less than the force of laryngeal adduction in conscious breath holding... so I would have to assume that barotrauma would be a consideration if you could successfully resuscitate the patient on the surface...
I guess the real question is whether or not laryngospasm is still happening on ascent. If you waited long enough, yes eventually the larynx would open. But if the diver was being taken to the surface earlier in this process, then it might still be closed...
Interesting question!
Mike